French beverage firm Pernod Ricard has completed the buyout of alcohol manufacturer and marketer Castle Brands.

The French group executed the deal through its subsidiary Pernod Ricard SA.

Under the agreement, first announced in August, Pernod Ricard bought the entire outstanding common stock of Castle Brands, paying $1.27 per share in cash.

Pernod Ricard chairman and CEO Alexandre Ricard said: “We’re thrilled about the closing of the Castle Brands acquisition and the opportunity it offers us in the world’s largest spirits market, the US, a priority market for the group.”

A total of 150,335,952 shares of Castle Brands common stock, accounting for around 89.52% of the outstanding Castle Brands shares, were validly tendered into (and not validly withdrawn from) the tender offer, the company said.

After the expiration of the tender offer, Pernod Ricard’s subsidiary accepted all shares of Castle Brands.

Shareholders who did not properly exercise appraisal rights will receive $1.27 per share price, net of applicable withholding taxes and without interest, the company noted.

Castle Brands develops and markets premium and super-premium brands in the rum, whiskey, vodka and tequila beverage alcohol categories.

The company distributes its products in all 50 US states and the District of Columbia, in 13 primary international markets.

Some of the company’s brands include Jefferson’s, Jefferson’s Presidential Select, Jefferson’s Reserve, Jefferson’s Ocean Aged at Sea Bourbon, Jefferson’s Wine Finish Collection and Jefferson’s Wood Experiments.

In August, Pernod Ricard, through Pernod Ricard USA, acquired Firestone & Robertson Distilling, owner of the TX brand, for an undisclosed sum.